VERA Concurrent Audit · Loan-File Audit
Concurrent audit, tested on every loan file.
Upload the loan files; VERA runs the RCM tests, raises exceptions and tracks every finding to closure — for CA firms and NBFC/HFC internal audit teams.
The problem it solves
Concurrent loan-file audits usually need four or five people opening files and working a checklist: is the document there, are the dates in order, is the ratio within the cap, did the approver have authority. Follow-up then runs on Excel trackers and email. VERA takes the mechanical half and the chasing, so the team can focus on judgement, the conversation with the branch and what goes to the committee.
Key capabilities
Automated testing
- Risk and control matrix of 320 controls built from the chosen scope, linked to 261 automated tests.
- Product-specific coverage across 25 asset classes including LAP, housing, personal, business, supply chain, gold and payday loans.
- Every test lands as passed, exception or could not be concluded — a missing input is never reported as a pass.
- Encrypted data room: up to 50 MB per file, per-file encryption keys, virus scanning and true file-type detection.
Exception workflow
- Root-cause agent drafts observations in the 5-C form with leading practice and detects repeat findings.
- Each failed test becomes an exception with a drafted observation and example records.
- Findings carry owner, root cause, risk rating and target date.
Auditee portal and follow-up
- Document request lists, automatic reminders and an L1–L3 escalation matrix.
- Daily digests and action-taken report with ageing.
- 14 report types in 25 designs — Word, PowerPoint and Excel.
Who it is for
- CA firms providing concurrent audit services to NBFCs and HFCs
- NBFC and HFC internal audit teams
- Regulated lenders across LAP, housing, personal, business, supply chain and payday loan products
Outputs
- 14 report types in 25 designs — Word, PowerPoint and Excel
- Exception and action-taken trackers with ageing
- Audit Committee and management packs
- RCM testing workbook
Important: Every observation is reviewed and approved before the auditee sees it. Verify regulatory thresholds against current RBI Directions at the start of each engagement.